COP For Hope: We Need Financial Support From Developed Nations - Bolivian Delegation Head

11/13/2024 7:16:39 PM

(MENAFN- Trend News Agency) BAKU, Azerbaijan, November 13. As part of COP29 in Baku, Trend News Agency proudly presents COP for Hope, a special project offering an unparalleled platform to hear from world leaders and trailblazers in politics, economics, science, and ecology, all united by a shared commitment to addressing today's pressing climate challenges.

Our next interviewee is head of the Bolivian delegation Diego Pacheco Balanza.

In an interview with Trend , he said that developing countries are striving to secure $1.3 trillion annually to meet their development needs.

Balanza expressed hope that the commitments made by developed countries in the fight against climate change will be fulfilled as part of COP29.

"We truly need financial support from developed countries. This is about an unfulfilled commitment that has persisted for many years. Therefore, we expect that all developing countries at COP29 will take significant steps in this direction. Security should primarily be based on public funding. Currently, money is being spent on wars around the world, reflecting a genuine political inclination of many developed countries," he added.

The 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP29), which will run until November 22, opened at the Baku Olympic Stadium on November 11.

The UN Framework Convention on Climate Change is an agreement signed at the Rio Earth Summit in June 1992 to prevent dangerous human interference in the climate system. The acronym COP (Conference of Parties) stands for“Conference of Parties” and is the highest legislative body overseeing the implementation of the Framework Convention on Climate Change.

A total of 198 countries are parties to the Convention. Unless otherwise decided by the parties, COP is held annually. The first COP event was held in March 1995 in Berlin, and its secretariat is located in Bonn.

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